Vietnamese police detained multiple suspects tied to the ONUS platform in a fraud case involving token manipulation and deceptive marketing.
Vietnamese authorities have detained several suspects linked to the ONUS crypto platform as part of an investigation into alleged token fraud. The Ministry of Public Security announced the arrests, accusing the group of using false promotions and coordinated trading to manipulate prices and attract investors.
The suspects include Vuong Le Vinh Nhan, associated with XPLOR, the Singapore-based parent of ONUS Pro; Tran Quang Chien, the technical administrator of the ONUS exchange; and Ngo Thi Thao, director of HanaGold Jewelry JSC. Police allege these individuals created and promoted tokens such as VNDC, ONUS, and HNG on the platform, misleading users about their value and investment potential.
Details of the Alleged Scheme
Investigators claim the group manipulated supply and demand to control token prices, maintaining centralized market oversight. This activity reportedly allowed them to raise billions of dollars from investors, though authorities did not specify the exact amount of losses.
The probe involved a multi-agency effort across several Vietnamese cities, with police summoning over 140 individuals for questioning and seizing evidence. This operation aims to dismantle large-scale crypto fraud networks in the country.
ONUS, which operates as a digital asset ecosystem with over seven million users, is backed by the U.S.-based Vemanti Group. Vemanti stated it learned of the indictments through official announcements and has engaged legal counsel to review the matter, but ONUS has not issued an official response.
Vietnam's Crypto Landscape
Vietnam ranks fourth in Chainalysis' crypto adoption index, highlighting its active retail digital asset market. This case adds to ongoing scrutiny of crypto activities in the country, amid efforts to address fraud in the sector.
In a related development, Indian authorities reported a separate scam involving crypto investment frauds, though it is not directly connected to the Vietnamese case. Cointelegraph sought comment from ONUS but received no response by publication time.
